HKT Trust

HSBC officially named its stablecoin HSBC RedCoin on September 30, 2026, following its selection as one of only two licensees under Hong Kong's Stablecoins Ordinance. The Hong Kong Monetary Authority granted licenses on April 10, 2026 to just two of 36 applicants: HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, HKT, and Animoca Brands, as reported by Reuters. The ordinance took effect on August 1, 2025. HSBC RedCoin is a retail-first, HKD-pegged, non-interest-bearing stablecoin integrated into the PayMe mobile app, which has 3.3 million registered users, roughly 40% of Hong Kong's population. Maggie Ng, CEO of HSBC Hong Kong and Head of Retail Banking and Wealth, said the token is a natural next step aimed at supporting Hong Kong's financial innovation. The bank distinguishes RedCoin from tokenized deposits such as JPMorgan's JPM Coin and its own Tokenised Deposit Service for institutional clients, which has been active since 2024.

Standard Chartered Bank Hong Kong announced on 24 August that it has become an authorised distributor of the Hong Kong dollar-backed stablecoin HKDAP. This marks the first time a bank has participated as an initial distributor, and the bank will proceed to offer it to eligible institutional clients and partners. HKDAP is the first regulated Hong Kong dollar-backed stablecoin in Hong Kong, issued by Anchorpoint Financial, and can be used for 24/7 transfers and settlements, with transaction processing that can be programmed. Initial use cases include subscription and settlement for tokenised money market funds, intercompany fund transfers within a group, and cross-border payments. The bank plans to begin tokenised money market fund subscription and settlement with major asset managers overseas and in Hong Kong in the fourth quarter of 2026. Anchorpoint Financial is a joint venture established in February 2025 by Standard Chartered Bank Hong Kong, HKT, and Animoca Brands, with Standard Chartered Bank Hong Kong as the lead shareholder. The Hong Kong Monetary Authority granted the company a stablecoin issuer licence, FRS01, in April 2026.